Almost half of millennials surveyed were willing to take on debt to fund their travel plans, with Gen Z not far behind. Almost a quarter of young people expected to rack up $2,000 in debt this summer, and about 10% were willing to exceed $4,000 in summer debt.
Multiple surveys found that young people are willing to prioritize travel plans over financial goals, fueled by the ease of borrowing money in a debt-centric society. Despite the temptation to use credit for expenses like weddings, the average credit card interest rate currently stands above 24%.
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